Weekly Crypto Analysis Feb 25-Mar 3, 2019

Weekly Crypto Analysis Feb 25-Mar 3, 2019

BTCUSD Bitstamp

Source: tradingview.com

During the past week, the Bitcoin price managed to break above the consolidation structure and as we can see, strong gains followed. Right now, Bitcoin is close to challenging the December 2018 highs, but despite the positive momentum, we would like to remain cautious.

Even though significant gains can be seen past week, we expect some stronger resistance around the $4,173-$4,231 area, which is then followed by the $4,400 area. Since we are near the end of the month, some profit taking might be seen, thus a setback in the price being generated.

However, despite our cautious outlook, our view had switched to bullish and we suspect any pullback towards the $4,000 could represent a new opportunity to get long again. That’s where the 20 EMA is located and as you may notice, the price had responded to it nicely several times this month.

ETHUSD Kraken

Source: tradingview.com

Since the December lows were made, Ether managed to bank 100% in gains and recently, the price managed to break above the December high, communicating the bulls are heavily in control. At the time of writing, we are above the $160 key area, which raises the prospects for further gains.

We’ve also drawn a longer-term upward channel formation, which had been respected by the market several times. If the bullish momentum will continue, we suspect Ether will edge towards the upper line of the channel, where the key $180 resistance is also located.

On the other hand, if the momentum will pause, buyers might be able to rejoin the trend on pullbacks towards $158 or $150. February had been an amazing month for Ether and since there’s no sign of sellers resuming, we assume there is more upside potential in the following days.

XRPUSD Kraken

Source: tradingview.com

In our previous weekly crypto analysis, we’ve talked about a range which had been broken a few days ago. Following the break, the market had retested the upper line of the range and then the price edged higher again, resulting in a nice breakout-retest setup.

Considering that XRP had been trading above the 4h chart 200 moving average for several days in a row, that’s a strong communication there’s more room for gains on the upside. If the momentum will continue at the same pace, the leg up might extend towards the 37.66 cents area, where some selling pressure might emerge.

If the price will start to retrace lower, we expect support around the 20 EMA and around the 31.72 cents level, which is the upper line of the broken range. We remain bullish on XRP as long as the price action will stay above the 200 MA.

Briefings about ICOs

Qobit is an ICO currently raising funds for developing a social trading and investment platform based on the blockchain. It will end its ICO on February 27th, and it will offer the ability to co-invest with successful traders and fund managers in the cryptocurrency world.

In terms of upcoming ICOs, imusify is an interesting project which aims to reinvent the global music industry in order to liberate music makers, music fans, and music entrepreneurs. The company will raise funds between March 1st and April 30th.